Top 7 Banks for Home Loans 2021

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A home loan is a popular loan in the Indian market, provided the fact that many are able to fulfil their housing dreams via home loans. Also, the popularity of this loan has led to the establishment of plenty of home loan lenders in the market. Thus, choosing the most affordable home loan at the lowest home loan rate is a big task.

Which is the Best Home loan provider in India for January 2021?

Which is the cheapest home loan available in India on the basis of Interest Rates? Best home loan rates for 2021 in Chennai, Bangalore, Mangalore, Cochin, kerala, pondicherry, ahmedabad, delhi, mumbai, nashik, pune, gwalior, ranchi, chandigarh, ludhiana, Goa, hyderabad, warangal etc.

1. SBI Home Loan

SBI Home Loans is the largest Mortgage Provider in the country. It has successfully helped over 30 Lakh families achieve their dream of owning a home.

“THE MOST PREFERRED HOME LOAN PROVIDER” voted in AWAAZ Consumer Awards along with the MOST PREFERRED BANK AWARD in a survey conducted by TV 18 in association with AC Nielsen-ORG Marg in 21 cities across India. SBI Home Loans come to you on the solid foundation of trust and transparency built in the tradition of SBI. It includes options for purchase of ready built property, purchase of under construction property, purchase of pre-owned homes, construction of a house, extension of house and repair/renovation.

Eligibility Criteria

  • Resident Type: Resident Indian
  • Minimum Age: 18 years
  • Maximum Age: 70 years
  • Loan Tenure: up to 30 years.
  • Loan Amount: Click Here

Interest Rates

2. HDFC Home Loan

HDFC offers various products on home loan. HDFC home loan can be used for the purchase of a flat, home construction loan, extension or improvement loan. Current HDFC Home loan interest rates for Jan 2021 starts at 6.90% p.a. for a maximum tenure of 30 years. Processing fee on its housing loans is Upto 0.25%, Minimum ₹ 3,000 and Maximum ₹ 10,000. HDFC offers a special discount of 0.15% on interest rates for women borrowers.

Eligibility Criteria

Eligibility Criteria for Primary Applicants
  • Must be a resident of India
  • Must be between 18 and 65 years
  • Can be salaried or self-employed
Eligibility Criteria for Co-applicants
  • Co-applicants are family members
  • All co-applicants need not be co-owners of the property
Eligibility Criteria for Self-employed Professionals
  • Self-employed professionals, such as doctors, lawyers, CAs, architects, consultants, engineers and company secretaries can also apply for the loan
Eligibility Criteria for Self-employed Non-professionals
  • Self-employed non-professionals, such as traders, commission agents and contractors can apply for the loan

Interest Rates

3. ICICI Bank Home Loan

ICICI Home Loans: Apply online on lowest rates. Get Quotes on Eligibility, Per month EMI, Documents, Procedure through Deal4loans.com. ICICI Bank is the 4th largest bank in India in terms on home loan disbursals. Get home loans sanctioned online within 8 working hours under ICICI Express Home Loans Scheme. Check Application status for icici bank home loans online.

Eligibility Criteria

ICICI home loan eligibility varies from one scheme to another. It majorly depends on the following factors:

  • Current age – The age of the loan applicant helps the lending institutions set the loan tenure. They usually try to restrict the home loan tenure to the applicant’s retirement age.
  • Employment – Depending on the home loan scheme, both salaried and self-employed individuals can apply for the ICICI Home Loan. The stability of the job or business also plays an important role in determining home loan eligibility.
  • Income – The amount of income through job or business determines if the loan applicant will be able to repay the amount on time or not. The applicant must have sufficient and regular source of income.
  • Financial obligations – The loan applicant’s current financial obligations reflect his/her loan repayment capacity. Getting another loan with an existing one increases the risk of loan default.

Your home loan eligibility can be further improved by adding a co-applicant to your loan.

Interest Rates

4. Axis Bank Home Loan

Axis Bank home loan available at interest rates of 8.10%. Borrowers will check Documents, Eligibility, and EMI per lakh, Repayment options, loan amount, and prepayment charges online at Deal4loans. Axis Bank offers affordable & flexible Housing/Home Loans online which are available with nil prepayment charges, Low Interest rates, quick processing & Flexible repayment which makes your owning experience of dream home sweet & stress-free.

Eligibility Criteria

Axis Bank offers several schemes to suit home loan requirements of their various customer segments.

Axis Bank Home Loan Eligibility for Salaried:
  • The applicant should have a permanent service in a government or a reputed private organisation
  • The minimum age of the applicant should be above 21 years at the time of loan commencement
  • The maximum age of the applicant can be 60 years or superannuation, whichever comes earlier at the time of loan maturity
Axis Bank Home Loan Eligibility for Professionals:
  • Professionals such as doctors, dentists, architects, engineers, cost accountants, company secretary, chartered accountants and management consultants are eligible to apply for home loan
  • The minimum age of the applicant should be above 21 years at the time of loan commencement
  • The maximum age of the applicant at the time of loan maturity should be 65 years
Axis Bank Home Loan Eligibility for Self Employed:
  • Any individual filing income tax returns can apply for Axis Bank home loan
  • The minimum age of the applicant should be above 21 years at the time of loan commencement
  • The maximum age of the applicant at the time of loan maturity should be 65 years

Interest Rates

5. Bank of Baroda Home loan

Bank of Baroda requests you to be a honored owner of your own home and offers easy Home Loan with a number of services to suit your budget. Bank of Baroda has an extensive network of 5388 branches spanning the length and breadth of the country. There is a branch in the vicinity of everyone in need of a banking solution.

Eligibility Criteria

  • If your income is upto 20000 than you can get 36 times of monthly income as home loan. 48 times of monthly income if salary is between 20 thousand to 1 Lakh. 54 times of monthly income if salary is above 1 lakh per month.
  • As per current IT provisions – Interest on loan upto Rs.1.50 lacs per annum is exempt from income tax (Under section 23/24 (1) of the Income Tax Act). An additional deduction of interest upto Rs.1 lac is available to persons taking a loan for their first home upto Rs.25 lacs.

Interest Rates

6. Canara Bank Home Loan Interest Rates

Canara Bank offers various products on home loan. Canara Bank home loan can be used for the purchase of a flat, home construction loan, extension or improvement loan. Current Canara Bank Home loan interest rates for Jan 2021 starts at 8.05% p.a. for a maximum tenure of 30 years. Processing fee on its housing loans is Upto 0.50%, Minimum ₹ 1,500 and Maximum ₹ 10,000. Canara Bank offers a special discount of 0.05% on interest rates for women borrowers.

Eligibility Criteria

Canara Bank offers a wide variety of home loan schemes, each having its own eligibility criteria. However, a few common requirements are as follows:

Borrower Profile – Indian Residents/Non-Resident Indians (NRIs)

Employment Type – Salaried/Self Employed

Age – 18 to 70 years

Credit Score – Preferably 750 and above

Income – Varies from case to case

Work Experience – At least 3 years

Interest Rates

7. IDFC First Bank Home loan

IDFC First Bank, formerly known as IDFC (Infrastructure Development Finance Company) is a provider of banking products and services to its customers nationwide. Besides various other banking solutions, IDFC First’s main focus stays on its home loan product. IDFC First bank offers competitive and attractive home loan interest rates that start from 7.00% onwards per annum. Now, let’s gain some understanding on the home loan eligibility criteria that is applicable for all the home loan schemes offered by IDFC First Bank.

Eligibility Criteria

Mentioned below are the criteria that a customer must satisfy to avail a home loan from IDFC First Bank.

AgeMinimum: 23 years
Maximum: 70 years
Eligible ProfilesSalaried and self-employed professionals Sole proprietors and partnership firms Micro, small and medium enterprises
Work ExperienceSalaried: 3 years
Business stability/Self-employed individuals: 3 years
Loan AmountUp to Rs. 5 crore
Other ConditionsGood credit rating score in credit bureau
Clear record in terms of past loans and statutory payments

Interest Rates